{"id":165128,"date":"2021-02-22T15:16:53","date_gmt":"2021-02-22T23:16:53","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=165128"},"modified":"2021-02-25T08:58:35","modified_gmt":"2021-02-25T16:58:35","slug":"thescore-is-coming-to-the-nasdaq-in-an-ipo-of-up-to-5-75-million-shares","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/thescore-is-coming-to-the-nasdaq-in-an-ipo-of-up-to-5-75-million-shares\/","title":{"rendered":"theScore Graduates to Nasdaq, Announces 5 Million-Share US IPO"},"content":{"rendered":"

Canadian sportsbook operator and sports media company Score Media & Gaming is commencing a US initial public offering (IPO). The move sets the stage for the firm to move its equity to the Nasdaq Global Select Market.<\/p>\n

\"theScore
Score Media CEO John Levy, seen in a headshot here. His company is planning a US IPO and a move to the Nasdaq. (Image: USA Today<\/em>)<\/figcaption><\/figure>\n

The news comes barely more than a week after the company revealed plans for a reverse split. That corporate action reduced the shares outstanding while increasing the share price<\/a>, better positioning the gaming operator to procure a listing on a major US exchange.<\/p>\n

In a statement released after the close of US markets Monday, Score Media said it plans to sell five million shares in the US IPO. Underwriters Morgan Stanley, Credit Suisse, Canaccord Genuity, and Macquarie Capital will have a 30-day window in which they can purchase an additional 15 percent, meaning the offering could include as many as 5.75 million shares.<\/p>\n

“The Company currently expects that the net proceeds of the offering will be used to fund working capital and other general corporate purposes, including the continued growth and expansion of theScore Bet\u2019s operations in the United States and Canada by supporting the multi-jurisdiction deployment and operation of theScore Bet and user acquisition and retention in jurisdictions where theScore is, or will be, operating,\u201d according to the statement.<\/p>\n

The company\u2019s ScoreBet mobile app is currently live in Colorado, Indiana, Iowa and New Jersey.<\/p>\n

theScore is Moving on Up<\/h2>\n

News of the IPO and Nasdaq graduation caps a busy, positive period for Score Media. Last week, Canada\u2019s parliament approved single-game sports betting<\/a>.<\/p>\n

\n

Prior to the passage of that legislation, theScore was widely highlighted as one of the biggest beneficiaries<\/a> of its home country modernizing sports wagering. The operator enjoys superior brand recognition and strong market share in Canada.<\/p>\n<\/div>\n

Regarding the US listing, that’s a win for Score Media, because it puts the stock in front of a wider institutional audience at a time when enthusiasm for iGaming and sports wagering equities is reaching a fevered pitch. Additionally, listing on a major US exchange increases a company’s access to capital.<\/p>\n

theScore IPO Particulars<\/h2>\n

The Toronto-based company didn’t say exactly how much will be raised via the US IPO. Rather, it noted the \u201coffering will be priced in the context of the market, with terms, including price per share, to be determined at the time of entering into an underwriting agreement with the underwriters.\u201d<\/p>\n

It’s US over-the-counter-traded shares closed at $30.59 today. Assuming an offering price of $30 and a sale of the full allotment of 5.75 million shares, theScore will raise $172.5 million. But that figure hasn’t been confirmed by the company.<\/p>\n

When the stock lists on Nasdaq, it will trade under the ticker \u201cSCR\u201d — the same identifier the company uses for its Toronto Stock Exchange (TSX) listing. The TSX listing will be maintained following the US IPO.<\/strong><\/p>\n

The news is also a boon for Penn National Gaming<\/a> (NASDAQ:PENN), because the regional gaming behemoth and upstart sports betting player owns 4.7 percent of Score Media. Assuming investors have appetite for theScore shares, Penn has an appreciating asset sitting on its books and one it can easily divest should it need capital.<\/p>\n","protected":false},"excerpt":{"rendered":"

Canadian sportsbook operator and sports media company Score Media & Gaming is commencing a US initial public offering (IPO). The move sets the stage for the firm to move its equity to the Nasdaq Global Select Market. The news comes barely more than a week after the company revealed plans for a reverse split. That […]<\/p>\n","protected":false},"author":46,"featured_media":165129,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[],"acf":[],"yoast_head":"\ntheScore Is Coming to the Nasdaq in an IPO of up to 5.75 Million Shares<\/title>\n<meta name=\"description\" content=\"Canadian sportsbook operator theScore is planning an IPO and a move to the prestigious Nasdaq.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/thescore-is-coming-to-the-nasdaq-in-an-ipo-of-up-to-5-75-million-shares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"theScore Is Coming to the Nasdaq in an IPO of up to 5.75 Million Shares\" \/>\n<meta property=\"og:description\" content=\"Canadian sportsbook operator theScore is planning an IPO and a move to the prestigious Nasdaq.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/thescore-is-coming-to-the-nasdaq-in-an-ipo-of-up-to-5-75-million-shares\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-22T23:16:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-25T16:58:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/levy-1024x768.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/thescore-is-coming-to-the-nasdaq-in-an-ipo-of-up-to-5-75-million-shares\/\",\"url\":\"https:\/\/www.casino.org\/news\/thescore-is-coming-to-the-nasdaq-in-an-ipo-of-up-to-5-75-million-shares\/\",\"name\":\"theScore Is Coming to the Nasdaq in an IPO of up to 5.75 Million Shares\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/thescore-is-coming-to-the-nasdaq-in-an-ipo-of-up-to-5-75-million-shares\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/thescore-is-coming-to-the-nasdaq-in-an-ipo-of-up-to-5-75-million-shares\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/levy.png\",\"datePublished\":\"2021-02-22T23:16:53+00:00\",\"dateModified\":\"2021-02-25T16:58:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Canadian sportsbook operator theScore is planning an IPO and a move to the prestigious Nasdaq.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/thescore-is-coming-to-the-nasdaq-in-an-ipo-of-up-to-5-75-million-shares\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/thescore-is-coming-to-the-nasdaq-in-an-ipo-of-up-to-5-75-million-shares\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/thescore-is-coming-to-the-nasdaq-in-an-ipo-of-up-to-5-75-million-shares\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/levy.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/levy.png\",\"width\":1600,\"height\":1200,\"caption\":\"Score Media CEO John Levy. 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